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RE: BTC big pic update 29.08.2019
Good point, I had honestly forgotten about this rule. Gotta do my homework again...
But now what if this was actually wave 4 of a smaller degree (not minding the "1", "2" annotations)?
I would say this has a 2% chance of being wave 4. Because it is 10 times bigger than the corresponding wave 2 is. That is very unlikely.
And WXY in wave 2 is also a very common pattern in commodities. (Many people consider BTC to fit best in the asset class of commodities a.k.a. digital gold)